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Subject to finalisation of the legal contract HIE will acquire the majority of Pelamis’ assets.

HIE was selected by the Scottish government earlier this year to run accelerator body Wave Energy Scotland, in which the Pelamis assets are expected to land.

Administrators will now be working with the preferred bidder with a view to completing the sale as soon as possible.

Blair Nimmo, joint administrator and head of restructuring at KPMG in Scotland, said: "Over the coming days we will be working to finalise the sale and are hopeful that the transaction can be concluded in the near future. We would like to thank all parties who expressed an interest during the sale process."

He said it was unfortunate that remaining staff had to be made redundant: "We are working with government agencies to ensure employees obtain as much assistance as possible."